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‘A Good-News Economy’ Ahead: Pro

It's time to count on earnings growth in cyclical stocks, Invesco Senior Portfolio Manager Ron Sloan said Thursday.

"I think we're moving away from the bad-news-is-good-news theme. I think that's kind of yesterday's story," he said. "That works when you're at economic bottoms and at market bottoms, but we're four years past that."

On CNBC's "Fast Money," Sloan said that he favored "pro-cyclical, high-quality businesses" that were likely to benefit from an improving economy.

Macy's was one of his top picks.

"They've won the department store wars. I mean, they're it," he said. "And they're doing great things with synergizing their online business with their brick-and-mortar business, one of the real leaders here in that."

Other stocks he liked included General Electric, Parker Hannifin, UnitedHealth Group, Analog Devices, TE Connectivity and Air Products.

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"I think it's a good-news economy going forward from here," he said.

Sloan cited Federal Reserve Chairman Ben Bernanke's optimistic comments about the economy a couple of weeks ago, even as economic conditions were not yet ideal.

"We don't like the fact we're not growing at 4 percent real," he added. "That may be fine, but there's a plus sign in front of GDP growth, and it's not a negative sign."

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Sloan, who has $11 billion in assets under management, also noted a positive durable goods report, increased employment and good consumer income numbers.

"I think we have to move away from a valuation market to an earnings-driven market," he said, adding that the idea was "not lost on American businesses" that faced weaker economies in Europe and in emerging markets

"We don't need a multiple tailwind behind us," he said. "We've got earnings tailwind behind us."

(Read More: Look for Bargains in Commodities, Cyclicals: Pro)

Trader disclosure: On June 27, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long BAC; Mike Murphy is long FB; Josh Brown is long AAPL; Josh Brown is long GE; Josh Brown is long TSLA; Josh Brown is long LULU; Josh Brown is long VGK; Josh Brown is long IEO; Jon Najarian is long RL; Jon Najarian is long NKE; Jon Najarian is long TSLA; Jon Najarian is long LULU; Jon Najarian is long WLL; Jon Najarian is long RRC; Jon Najarian is long MAR; Jon Najarian is long ZNGA; Jon Najarian is long TOL; Jon Najarian is short ABX; Jon Najarian is short NEM; Jon Najarian is short AGQ; Joe Terranova is long VRTS; Joe Terranova is long TRV; Joe Terranova is long AXP; Joe Terranova is long OXY; Joe Terranova is long CRUDE OIL; Joe Terranova is long FUTURES.

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